Pakistanis Work Abroad So Elites Can Live Better in DHA: Atif Mian
Renowned economist Atif Mian has said Pakistan’s policy of sending its workers abroad is built to bring home foreign currency … Read More The post Pakistanis Work Abroad So Elites Can Live Better in DHA: Atif Mian appeared first on ProPakistani .
Economist Atif Mian has criticized Pakistan's policy of sending workers abroad, claiming it is designed to benefit the elite by allowing them to enjoy a higher standard of living in elite neighborhoods like DHA. During a panel discussion at Harvard University, Mian argued that this perspective needs to change. Remittances, which now account for nearly 10% of Pakistan's GDP, are a major political economy concern, according to Mian.
He pointed out that while remittances and exports are nearly equal in the country, remittances should ideally be a smaller share of the economy, as people would prefer to stay and contribute to their own nation's growth. Mian further explained that Pakistan's overvalued currency is an incentive for elite individuals to send money abroad and enjoy imported goods, rather than encouraging export growth.
He called for a shift in incentives so that the country's elite can benefit from increasing export capacity, similar to the approach taken by China.
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